tv Varney Company FOX Business July 3, 2014 11:00am-1:01pm EDT
280,000 new jobs created for the month of june sparking a big rally on the street. great to see you today, thank you for being here, jo lin kent and liz macdonald, thank you, tune in tomorrow for a special edition of the ending bell called americans are:money to burn. we will see then. time for "varney and company". charles, happy independence day. charles: thanks a lot. here it is, the big story, a major milestone is finally broken, 17,000 the uncharted territories. first time ever. the driving factor, the jobs report. 288,000, the unemployment rate dropped. the job participation near 35, 36 year low, people giving up hope. is this the new normal? president obama taking big hits in a bold way. worst president since world war ii? he attacks wall street.
thousands of illegal immigrants crossing the border. and tensions remain high. stay right here. two hours of "varney and company" starts right now. >> and crossing 17,000 first-time. the dow is at 17,043. the s&p, the is in the 500 at a new high, record high. stuart varney says it feels like the market wants to build. a pretty good move taking it on the chin pretty good. ten year, 2.7% on the yield. now to the individual stocks, goldman sachs leading financials, the rally is one of the big reasons, industrials and
banks leading, 17,000 and lulu lemon on top of a buyout and that making the good move up $0.97, little more earlier today and go pro finally losing a little bit of steam and got hit pretty good. it made a high of 49, $42.52 right now. pet smart making a big move today. nicole: look at pet smart. a winner on the s&p 500 which is also setting an intra-day record high. pet smart is a 12.5% because the activist hedge fund reporting a 9.9% stake in the company and asking pet smart to explore a sale and with that we see stock of 12.5%. i am sure the story is not done yet. we will continue to follow. the big picture is we crossed the 17,000 mark. not a technical level but traders on wall street are bullish for the second half, excited about a key psychological level.
we cross the thousands. here we are at 17,000. it is a big deal. look behind you. it looks relatively called. nicole: you know, that is relatively true. they sort of redesigned the new york stock exchange. people on the inside rather than the outside. the market makers are now on the inside. you just do not see it. they are in there. charles: they are on the inside of the post. nicole: you think i am kidding. charles: thanks a lot. president obama attacking wall street yet again. rich edson in washington. fill us in on the latest.
let me show you write here what the president had to tell marketplace. we have to continue to see how we can rebalance the economy sensibly. not a situation in which we continue to see a lot of these banks take big risks. that is an unfinished piece of business. we asked a member of the economic team what exactly are you looking for. we did not give any specific answers. again, how do you do it. what do you do. go beyond dodd frank. we could not get any answers, charles. charles: we have to talk about this out to fox news contributor monica crowley.
attack wall street. >> i think of two quotes from president obama. he spent a very brief time in the project site there. he calls it being behind the lines. he said at some point, you have made enough money. talking about individuals there. they are too interested in profits. it is not of that to the government to tell them how they should be doing certain things. charles: if you think that is the case, why do you bail out the banks? president obama was part of the team.
you bail out the banks that complain about them later? >> he immediately went after dodd-frank. you have to take a stab back and look at what he is doing. a fundamental transformation of the nation. the healthcare sector, the energy sector are, the industrial base and, of course, the financial sector are. the market has been doing well. i have not been paying too close attention to this. charles: when profits become a four letter word, what you are really doing is attacking. i do find it funny. i wonder how obama will turn down all those multibillion-dollar speaking
engagements. >> he won't. i am sure hillary clinton will go out and make some money. charles: much better than expected with jobs. the participation rate, over a 30 year low. tom, everyone is talking about the headline number. you actually see what is going on on the ground. >> there are more jobs being created. at the same time, what main street wants to see is are we getting people who have been a long-time unemployed. still over 3 million people
unemployed. it will not be the kind of money they made in the past. >> well, no it will not be. you have to tell people. the economy is going strongly right now. the stock work it is up. we are on a trend of upward move on. mobility as a country. if you are long-term unemployed, maybe you need to take a look at your self. >> taking a look at yourself goes across a lot of sectors. 27 million people part-time. how does that work?
>> i think that there is a whole variety of things that come into play. we will have to start doing it geographically. we have to realize that there may be a dual income. there is really different issues. there is a whole variety. charles: the number jumped by 800,000. before i let you go, we have to mention wages. this is really the problematic part of this report. >> it is not where people come in.
it is what they will be making if they stay at that job two or three years from now. let's not forget 50 years ago, people started in the mailroom before they got into the ceos office. charles: i know you want this. let's get to the irs e-mail scandal. a judge wants in external person. he is going to ask why the irs should they be required to bring in a third party. >> we have talked to a lot of computer forensic experts on this show. they all say it is impossible for these e-mails to just disappear. they were received by the white house. by the department of treasury and so on. somebody on the outside should absolutely be brought in.
somebody on the outside should be brought in to investigate the whole thing. this administration cannot investigate. charles: are you shocked that people are not talking about this most important information somehow vanished. >> i think that the public is not expecting it. the irs scandal has particular attraction. everybody at some point in their life has to do with the irs. this is something to relate to. >> a big stack of paper and receipts. they cannot find e-mails from over a six-month period.
when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country,
report. the fed will have to act sooner then later. check the price of oil this morning. pretty quiet in the middle east. down 17,000. financials that are leading the way. it should help you. goldman sachs leading the way. though paul, the pool this week that has everyone talking. president obama is the worst president that we have had since world war ii. dan henninger from the "wall street journal" editorial page. this is a broad swath of americans. >> yes. you know, with obama, i think by
and large, he made these decisions and brought it on himself. first of all, he has made himself the center of attention for five years. the spotlight is always on barack obama. he gives blamed for what is going on. in both areas, take foreign-policy. he is the one that decided he would lead from behind and pull back from the world crises. now you have this al qaeda affiliate taking over one third of iraq. people began to get nervous about what is going on in the world. domestically, there has been no good news. talk about the administration. that is a true scandal.
the government has not been doing much good. charles: nobody is perfect. at some point you get up and say that is wrong or that was wrong. >> this is one of the most politically incompetent presidents since world war ii. most people get into politics whether they are running for the local school board or the president of the united states. barack obama does not. he does not like to negotiate with anyone. always someone else's fault. i think that is an argument that the people --
charles: the policies are ending. you have to wall street bank out again. do you think that, i mean, do you think that is starting to fade as well? >> yes. i think so. this is fundamentally one of the biggest problems. we have a very historic low growth rate. a lot of people. no friends. no relatives. having a hard time finding work. charles: monica, what do you think? >> i think more and more people are coming to the realization. he was very good at campaigning. no executive experience. what you have seen repeatedly is he is all ideology all the time.
it is less about translating policies in two ways that they can make things work rather than slamming the policies into place. >> it is sticking with the fundamental transformation of the nation. charles: thanks a lot. have a great fourth. president obama beats up on the banks. all rights. judge andrew napolitano is next. ♪ if you had chickenpox,
charles: it is finally here. the dell 17,000. we have drifted a little bit. goldman sachs leading the way. all the big main banks are higher. president obama, speaking of wall street, still attacking them. further reports are still needed. all rights. judge andrew napolitano is here. there has never been a better target than wall street. >> i love working with you.
if varney were here, he would be claiming 17,000 figures because of tarp. [laughter] >> when you asked me to look at this, i read the statements. profits are bad. all financial investments are reduced to judgment. a judgment. charles: a positive that, as a matter of fact. charles: i am putting my money into it. >> there is what we call economic growth and jobs and prosperity. how could he suggests that the heavy sum of government could make this work better. it cannot.
it is exactly what tarp is. charles: let them go out of business. charles: let them go out of business. i do not get it. >> may i suggest you have your finger on the right polls when you asked me initially to look at this. what is he trying to do? change the subject. the smack downs he got from the supreme court. the absurdity of the foreign-policy. he is trying to change the subject. i do not think that it will
work. >> it is easy to understand. he wants to extract money from them. what they did to jpmorgan and jamie dimon. look at what they did in the fraudulent robo signing settlement. charles: no different than farmer joe keeping that one alive. 10,000 pages of institutionalizing. charles: more of your favorite subjects. buying assets from these very same things. >> where did bake get the cash? >> let's just add a few zeros to your account, jamie dimon.
charles: i want to ask you about this. american protesters locked three buses that were caring illegal children and their families. they ended up forcing them to turn around. walk us through the legality of all of this. >> it is very complicated. it tugs at the human heart. these children are pawns. let's not enforce the law. my heart goes out to the children. the government has and affirmative obligation. why are those miners there? because the constitutional lawyer in the oval office said a signal. we will not kick you out because you are here illegally.
that is the opposite of what he is supposed to do. i am in favor of open borders. the president old is to uphold. he is not doing that. >> as a result of the signals of the president of the united states, we have lost the ability to control the border. >> i am with the judge. my heart goes out to these children. think of the parents. do you think that it is easy for these parents? they are doing it because they want these kids to have a better life. >> we have been accepting children for hundreds of years. charles: if you do not think that there is a crisis in this country -- >> they do not take jobs. >> you will see the unthinkable.
refugee camps in the united states of america. we have never had anything like that. they will put them in tents. >> if the invitation is out there, it is not going to stop. every country in the world has a right to dictate. >> if the president thinks that by doing this it will be easier for him to get his way and immigration -- charles: the poll numbers are starting to go against him. >> it is terrible for economic growth. charles: let's leave it there. they are literally able to, well, listen. the environmentalists are able to do just about anything.
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the rally cry from the left. >> you have to have something to talk about. the half a million people in the streets of hong kong. there is a lot going on in the world. this is a perfect political rallying cry for them. it is something of a relief for democrats. charles: it was a gigantic load to their ideology. they really want a big giant government to call all the shots. >> they never had any intention of accommodating religion freedom. they had several opportunities to do that. they could have written that into the law.
charles: it was a political gamble. i think they probably said green light. we can try anything. >> they could have said, see, that supreme court just rubberstamped what we did. now we can fight the war on women. these five judges are telling women what to do. of course, that is absurd. it is a great talking point for them. charles: they had been making a lot of cash off of this. flying into the wind turbines. our next guest is calling it total hypocrisy. you know, listen, when they first start talking about this, it was shocking. by the way, these windmills kill all kinds of birds and all kinds
of species. >> listen. what does the government do? it takes winners and losers. right now, it is green energy. you should not be that surprised. yes, it is unbelievable hypocrisy. some companies will actually get a pass. even unintentionally if we killed a bald eagle, we could get $250,000 in fines. we could end up in jail for two years. >> salamanders hold their progress. we had to see the mating habits of certain reptiles. multibillion dollar projects. wind turbines. kill all the animals you want.
>> also all of this land in california for a fish. two parts of the democratic party. they are at war with one another. green energy versus conservationists. the thing that i find really amusing is this is an acknowledgment that green energy is not that friendly to the environment. this is something they knew all along. we call it renewable energy jus. tons of concrete in the ground. in the ocean. building these structures. charles: i want to go to the next topic. you are a recovering referee. what do you think about the former president? >> well, you know, power corrupt. [laughter] >> again, picking winners and
losers. they all do it. it is not an excuse. we can talk about the whiteness of having spending limits for campaigns. the thing that is interesting is, why him? it is not because he represents a political threat. it is really, you know, interesting. charles: speaking of politics and politicians, the poll numbers are so pathetic. this is not unlike president obama going after wall street. >> yes. they talked a little bit about a french economy today. ford investment is down something like 94% in the last decade. when you think of the harm that does, not just for the broad economy, but to real people's lives, it is shocking.
worst among the youth. charles: we have some breaking news i want to share with you. there is an update. the virginia dmv will now allow drivers in the state, you call this the sharing economy. you were right. >> it is one of those cases where we need to cheer and celebrate. consumers are defeating, thanks to tech knowledge he. the feeding the government. charles: we see this all over. >> everywhere. charles: we see it against air being be. we see it everywhere. it will be tough. we have a big disruptive thing going on right now.
♪ charles: business brief with a twist. we will give you a stock idea now. the stock has been absolutely on fire. i think we can go higher. talking about a company culture when you consider investing. holocaust survivor comes to america. land in the new york city garden district and the rest is history. the company now is being run by his son. that is why the company was smart enough to cut partnership. talk about staying ahead of the curve. last year they made those famous
bringing in the dough. it is down right now almost a half of a percent at the moment. charles: they are all poking up for the war. charles: that is right. there are some reports that teenagers are interested again. charles: thanks a lot. president obama is the worst since 2002. steve moore is with us now. >> it is a little late for that. [laughter] charles: at least the epiphany comes at some point. i guess the problem is it had to get so much worse. >> romney lost the election because of that pool.
barack obama killed romney on that. they are not doing so well months after the election. i think people have kind of given up on obama. charles: the people who have given up on him -- >> mary's newspaper about one year ago. blacks, hispanics, young people and single women. they have faced the toughest economy over the last few years. >> obama cheerleaders are so sad right now. this has become a difference for the whole thing. >> you cannot argue that we are safer today than when the president took office. i think the process, training g hogg, tens of thousands of them
have a lot of people concerned. just take a look around new york. charles: i am going to switch gears. it was a better then expect it jobs report. a lot of people on the left have been hitting me on twitter all morning long. >> it only took five and a half years. [laughter] >> i went through the numbers. there is not much to not like. the other thing i found, by the way, almost every industry picks up jobs. that job fell a lot. charles: 3 million. >> part-time employment went way up again. >> i am calling it the spin out economy.
800,000 went to part-time voluntarily. it was not because they had to. where is the other money coming from? >> it is better that part-time employment was mostly because of not economic reasons. it is a wonderful time. obamacare. charles: obamacare. >> stephen, what is the reason for the increase? is it heads up demand? >> i think the economy is finally showing signs of picking up. i think we will get maybe three or four. >> some people forget that this is still america. even against the greatest odds, they step up to the plate.
when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.
charles: lindsay lowland. live story of a character, lee c. is a spoiled axe child star with the drug problem. we know you don't like the game. maybe you hate the game but this is a bit ridiculous. tracy: she is beyond ridiculous. the fax we talk about or give her any credit is embarrassing. she is a train wreck. >> she is not contributing to the sum of human knowledge. >> she knows who she is. charles: apparently she showed up at her birthday party all
busted up. who else could it be? maybe she has a good argument. >> the spitting image back to the rehab, drug issues, the police is pretty dead done. they created a character with everything you don't want your daughter to have. charles: the ultimate cautionary tale. a florida school districts considering no longer naming valedictorians during high school graduation. they say the concept is outdated and not always fair. not being able to honor, give the sort of credit to people who put in the effort to become honor students, that is very upsetting. >> the other thing is why does this have to happen in the great state of florida? greatest state in the nation? son on the brain down there.
>> i hate this idea. they work less. >> my daughter got into advanced math. there has to be a reason to go to school. otherwise why bother? charles: did you get goose bumps? >> i told everybody i knew. charles: we are moving toward mediocrity. that is what the overall game plan is. no winners, no losers and everybody gets paid. that is with a fare concept is about. hillary speaks and colleges raise tuitions. then we have a great story. former marines helping our heroes find jobs. i had our 2 in two minutes. eruption on my skin. red and puffy and itchy and burning. i'd lift my arm and the pain back here was excruciating. i couldn't lift my arms to drum or to dance. when i was drumming and moving my rib cage and my arms
like this it hurt across here. when i went to the doctor and said what's happening to me his first question was "did you have chickenpox?" i didn't even really know what shingles was. i thought it was something that, you know, old people got. i didn't want to have clothes on. i didn't want to have clothes off. if someone asked me "let's go dancing" that would have been impossible.
and hillary clinton facing criticism after getting big payouts from colleges that went on to raise tuition is losing steam going into 2016 but the alternative, elisabeth whar and. president obama, most voters blame president bush for iraq but obama not far behind. the supreme court's hobby lobby will in the biggest story of the week. won't get my take on that at 12:25. let's check the big board, regaining steen, well above 17,058, first time ever, big banks leading the way as rates go up. s&p 500 also having a good day up 9, getting close to the 2,000 mark, that will be the next milestone. goals is taking a hit. if the fed does raise rates it doesn't do well for the gold market, gold down 11 bucks after a big move earlier in the year. it is actually approaching them to.7 up another 5 basis points. big move is doing what they are
supposed to do. wonder how that will roil the markets and pet started big winner, a hedge fund wants them to put themselves up for sale to investors. go pro, the hottest stocks for the last week finally losing steam, a high of 49, starting to give a more ground, 41-79. nicole petallides's favorite stock may not be a stock much longer. you love lulu lemon. nicole: my favorite pants. i don't own stock. i watch it carefully. up 2.2%. getting on top today, on lulu lemon, the advisers started talking to private equity firms so we will see what happens to find out if they are actually interested in purchasing lulu lemon. i could purchase it all by myself. charles: subscribers pick up the stock too. if they get a deal, might be
north of 50. i can't let you go without talking about the bank stocks. they are leading the way. >> goldman sachs has a positive reading, we see banks doing well today. not sure there's any particular type in between jobs numbers and any moves by the fed but you see the banks are leading away. they have been laggers despite we are at record highs today. you cannot say thank you to the banks for the record moves. many of them are still in negative territory for 2014 budget before the jobs number was strong enough. the ecb, maybe rates will go up sooner rather than a leader. we wanted to stay with the rally, at record levels. joining us from chicago, scott sees the numbers, you are our resident skeptic. what are you saying about this one? >> it would be disingenuous of me to poke a ton of holes in it. the economy is picking up a little bit.
the only thing i would like to say is we lost half a million full-time employees and replaced them with 800,000 part-time employees. we will continue to do so and that will affect growth but better to see these numbers come in as they have. i can't sit here and like i said sure a lot of holes in it. better economy does this. we need to see these, it is good. i want to keep the streak alive. charles: what about the news about the federal reserve? there was a time not too long ago, 280 number in the stock market goes straight down bed everyone is saying there goes that accommodations. >> right now we would just got done talking about this, the market will be confused. they are a little wary. we are not capering any faster. of the fed came out and started catering faster we might see that happening but i don't think -- it is not a game change. just makes us feel a little better and more solid footing
going forward. is not a game change her but it will give us some consistency. charles: let's talk about valuation. the market had a big move. do we need to see these numbers? better numbers that justified a level of the market right now? >> i would say absolutely yes. there is going to be some folks out there that take issue with that but we still need to see -- we have more catch up to do, better valuations come across because of this is -- we still have a negative number 3 gdp. let's see if some of these good jobs, some are replaced with worst jobs but see how this affects growth because ultimately it is all about growth. charles: stay right there. back to you in a minute. the washington report, hillary clinton taken in $1.8 million in speaking fees and appearances at universities over the past nine months. many of these schools are raising their tuition sparking huge chunks -- outrage among
students, some in demanding clinton returned the speaking fees to the university. mary kissel, should she give back the money? >> she has every right to get paid for speeches if somebody wants to pay but let's be honest, these tuition fees are going up because the obama administration, most of these college students voted for twice, naturalized the student loan market so the administrator said let's give it raises and the professors raises too and raised the tuition. hillary clinton, is it obscene? maybe. is it an issue for the school? sure. that is not a real reason. charles: let's face it you can't run against the 1% of the 1% and be the queen of the 1% of the 1%. >> i feel the timing of her pseudo campaign has been for. i don't know who her pr people are but this is awful timing based on her saying they were stone broke in the white house said he is clutching all this
money. students at uconn should recall. tuition went up 6.9% and they cater $200,000 to speak. >> hillary has a problem. with css jeter with key to the white house in washington, state department washington and the senate in washington and when the countries in an anti-incumbent mood that is not where you want to be. charles: this movement with students demanding who can or can't speak at colleges is problematic for me as well. if you don't want to hear someone speak whether it is christine legarde or condoleezza rice if you don't want to hear don't go to the speech but that they are picking and choosing -- >> 200 grand of the school's money is going maybe somebody has a right to speak up. charles: want to get back to chicago, the president speeding up the banks again. radio interview saying they need further reform and he talked about these mean-spirited things called profit incentives. what do you say about that?
>> all across the floor in new york this morning, i think that is disingenuous. there have been decent regulations that came down the pike that forced our volumes and volatility is a lot lower but at the end of the day a lot of these people i doing good things which we see negative moves about speculators but speculators are good for the economy because they will place things up when there's a shortage to spur on investment and they will drive prices down when we have too much investment. there are roles for these trading debts to play in the market and i don't think that is anywhere near what his expertise should be for him to speak on it, that is something that is disingenuous. charles: speculators poured $1 billion into the intestine junior senator from illinois who. let's get back to the jobs report. i want to bring in paul conway, the chief of staff, george w. bush, the number looks pretty
good. >> we are going in the right direction. the key thing what is underneath the numbers, and 32 states right now have less jobs than they did at the beginning of the recession and taking a look at small business and the rate of small business even though it is a nine and consistent record, and more small business jobs created to drive recovery. charles: you have to go through this there's a lot of data and people don't realize a 90 page report, some of the things that stood up to me, the part-time job situation, 27 million people in total working part-time. the. and want to work part-time, i can work part-time and supplement the income, 800,000, how come productive nation with people working part time? >> you can't. look at the history of economic growth of gross domestic product the bottom line is two of every
three jobs created in america come from small business, gross domestic product comes from small business, and a part-time work force, underutilize human capital. all the creativity and energy, working half time does not result in better jobs across the board for all americans or their ability to buy things. charles: and the skills gap, wages still not keeping up with the rate of inflation. and good paying jobs, higher minimum wage, and overall better economy? >> fix it with a better economy because the projection through different jobs and wages in different levels of responsibility makes long-term growth for a professional and worker and also for businesses. your ability to mansion projects, people, the success for the career and you don't get
that through part-time work and especially for young americans, young american women where unemployment levels were 13%, you are looking at economic policies keeping people on the sidelines and not emerging growth and the number one thing that drives success for individuals is more economic growth. charles: we have a little momentum, the administration, to take off. >> take a look get the states. if you look at the states that have driven the largest number of jobs, north dakota, texas and alaska are in the energy sector and a trickle across the fact, but they have an impact across the entire state economy in terms of growing jobs. if the president were to look at states, take out of partisan labels and see them do well, texas alone added 1 million new jobs since the recession. and bipartisan consensus of what is good for the economy and the
people here. charles: i am hearing someone eco keystone. thanks a lot. tomorrow is the nation's birthday. the wall street journal reprinted president reagan's address on july 4th, 1981, talking about the founding father john adams. president reagan said york traditions are now hours and regard them like national treasures. the nation pulling it together and with new hope and confidence and we know we can make america great again by putting the best in the hands of the people and why shouldn't we? after all we are all americans. that was your newspaper. that was the great communicator and when you read it all these years later it still resonates. >> the tone is striking. positive tone that unite americans. let's move forward together. we are great nation. you compare that to what
president obama has been saying the last couple days where it is all about the republican -- it is a marked difference. charles: every time the president speaks, someone is being singled out. someone is being singled out as a nefarious, mean-spirited, holding it down. we are all great, the same tide will lift this ship. i hear obama saying people who are successful are the ones holding a town which is counterintuitive for the fact that it is mean-spirited. >> almost want to get a speech writer back from ronald reagan and have him start over again because the message the president has sent from the beginning his the which are out to get you and anyone who is not making a lot of money deserves a handout. charles: if you are in a bad circumstance no matter how for you work at, even if you have to stop in the middle every day and some of weed and chill out, you don't like working, never any fault of your own.
somebody you never met before where three jobs and go to college and they run a business are the ones holding you back. >> business is bad. before you do some amazing work. you kept it going anyway. >> one of reagan's former speechwriters every week. charles: can't go wrong with that. >> the obama administration should the current. of the 4 jobs numbers help so far this morning sending the dow above 17,000 but employment remains a big problem for the nation's heroes. we have a marine corps veteran who is doing something about it but first gas prices of highest in six years in part because of what is going on in iraq. what should you be paying at the pump this holiday weekend? we will let you know.
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>> thirty-fourth sense, the year before and from iraq and a hurricane and god knows what will happen. as we have been talking about your hourly wages are not increasing but your costs of food, gas, putting the lights on in the house, going up, doesn't help the economy as well. charles: wages and not keeping up with inflation. that is the official with inflation. the government numbers don't respect the supermarket, that is not what the government is telling us. >> beef, corn and milk going up precipitously. you can blame mother nature. gas prices going up too. a lot of people are itching to get away this weekend. charles: a four day weekend. the for of the stock exchange we're joined by mike abrams, the founder of the 4 block
foundation that helps combat vets find jobs after is a leave the service. unemployment is huge problems for our vets so what exactly is your organization doing to get them back to work? >> great to be here. we have a model. the right veteran, the right career. we work with veterans and teach a comprehensive semester long career development program that helps veterans figure out what they want to do and taken for the more technical aspects of resume writing, translating their skills, networking and we work with companies to identify the right veterans. a lot of companies make the mistake of just saying we want to hire any veteran when in fact veterans comprise a very large, different skill and experience, we work to identify which ones would actually be successful and make a good transition into the company. charles: you put yourself in the middle as a filter system. it makes the process of someone getting hired and staying at that job run a lot smoother. are you getting a lot of large
corporations embracing the idea? >> absolutely. the problem is not necessarily hiring veterans but retaining them and insuring skills and experiences they bring to the company are utilized and we work with a lot of great companies, the big ones like jpmorgan, new york stock exchange has been a great partner, we worked with state street bank, microsoft, amazon. a lot of companies making the effort to hire the veteran. charles: i want to ask you something because i imagine very few people would have a better feeling of the pulse of this, your thoughts on this the a scandal and allied has been going down so far. >> it is hard braking. there is no other word for it. the fact that veterans are going overseas, getting injured, then have to come, and fight for the care they need. it is and the heartbreaking. the system is broken. i want to throw out the vast majority of workers are good people working hard, they do
care. just a small minority who decided their career and their bonuses more important than giving veterans the care they need so the new secretary's first order of business is identifying those individuals and firing them and the -- turn a ship around in hopes that he succeeds. tracy: i applaud you getting them jobs because if you think of the skills they have, they're clearly devoted to their job, they show up on time. none of the most noble of body piercing is that no employer wants to see. they just need to learn to articulate that and get it on the piece of paper, i wish more people were helping them because that is the hardest part in the biggest obstacle. getting on a resume and explaining to the world of equality is they have. >> absolutely right. veterans tend to be very humble people, they don't boast about what they did. trying to get them to break out of that shell and pat themselves on the back and tell people what they are capable of doing and
once they do that employers understand. charles: mike abrams, god bless you, you are doing amazing work. appreciate you taking the time to spend with us this morning. >> have a great fourth of july. charles: the supreme court of law decision was a victory for religious freedom and capitalism may have dodged a huge but in the process.
when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country,
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i would. switch to comcast business internet and get the fastest wifi included. comcast business. built for business. charles: 17,000. don't forget the s and p. bed, bath and beyond one of the big winners of today of almost 3%. now i have best buy, this one is a tough one because on the one hand you have a company, a huge threat from the internet. is real and not going to go away but this is a cheap stock otherwise and management has blown away wall street quarterly and earnings estimates. and last year those four orders beat the street by an average of 76% each time. i also think the model can be tweaked a little further and they can stay relevant and not just be a show room dramas on and others. i would say hold it from here and there's a chance you can get
a 20% spike to keep it in this thing out of the park, that is against huge odds but they have done amazing so if you're in the stock i would say there but i'm not a buyer. here's a take of what you're going to get on my show at 6:00 p.m. the biggest news of the week is the supreme court decision on hobby lobby. i applaud the outcome with respect to religious freedom. america might have dodged a blow that could have destroyed capitalism forever. building the use of the world state is expensive. america has the highest corporate trucks rates in the world and no appetite to raise individual taxes so there's one place to get billions of dollars it takes to encourage and reward mass mediocrity. corporate balance sheets and income statements. giant pots of money right there for the taking. progressives have always hated corporations and the game plan was to strip corporations of their rights, leaving hulking monoliths with cash to be plucked for public consumption.
after rollins elizabeth wore president obama said on several occasions, they owe us. the white house has been handed several defeats on its attempt to use their businesses of their rights so look for. a lot of mean-spirited rhetoric will grow even louder but make no mistake. a giant weapon on the war on capitalism was removed this week in the ability of america to remain great was enhanced this week. tracy: three cheers to the supreme court. they made a genius decision supporting religious freedom. hobby lobby wasn't taking away all contraceptives. people coming down that it is a women's issue, they didn't want to issue the morning after pill and they have every right to not do that. if it weren't for obamacare we would not be in his position. charles: blamed the obama administration for overreach. last week, this week, the string of defeats from the supreme court saying you are overreaching, that is what i was worried about too.
the ideas that if we can keep stripping corporations until they say they have no rights, you are part of the public domain and what is right for the public? we should have infrastructure funding you should pay for, we should have pre k you should save for, we should have it, you owe it to us, we're going to take it. i don't think americans get how big this decision was from a business point of view. >> the president uses executive orders and keep doing things his own way and i am thrilled that again the supreme court and our competition is being recalled. the judge, i hear him somewhere. charles: so do i.. thanks a lot. more problems on the horizon for pension plans and not just those struggling cities and states either.
everyone is celebrating every single scene. soccer has never gone so much attention. he should be thrilled we are drunk over. charles: if someone says going to brazil, the next week -- >> exactly. charles: two big names, you know these names, pet smart a big winner today. and they should put themselves up for sale. dobro losing some steam, doubled after the idea hit 49, down big yesterday, down a little bit this morning and the dow hits a record high, 17,000 our next guest says many pension funds don't have enough money to pay their monthly benefits they promised joining us from dallas is ed butowksi, you say this is a bigger problem for the larger funds? >> it really is. of problem we talked about for quite some time, 2007-2008, large pension plans, the stock market has moved up. on average the larger pension plans, talking about corporate
and municipal but focusing specifically on corporate they average 13 to 20% of their asset allocation in stocks. their markets have go but they have not participated in this and you have a lot more people retiring, a lot of demand and needs so the serene on these pension plans will be, big news story of the the next 18 months. charles: it was a much bigger story after the crash which might be why they didn't come back full force into the stock market. what are they investing in? why any other investment will keep pace with the amount of money they owe? >> when you study this and i know you do, alternative investments, you are trying to limit the upside, trying to limit downside volatility, in order to do that you have alternatives into the portfolio. you do the aggression analysis on investments out there and steady demand a lot more money and alternatives. we have a great stock market and i will give you a statistic. this has never happened in the
130 year history of the stock market. we had 19 of 22 months of the last 22 months we had 19 up markets. that has never happened. on an average year you usually have seven month of positive returns, four of those are down markets. we haven't seen a stock market like this in 130 year history of the stock market so we have seen this and i don't think any of these allocations are change. and it happens to be the way they allocate their money. the large ones live off of corporate pension is. strain and stress and other retirees and focus on. charles: we have the ten year yield going up. t b t which is the best on treasurys coming down. these big guys aren't going to shift into the market and stick
with these alternatives. we are at 17,000 now. where do you think the dow goes from here? where does the market go from here? >> my gut feeling is we will see a downward move because we see pressure on earnings around world but at this moment you take a snapshot stocks are cheap. even if interest rates are rising that shows a better economy so when those rates start to rise that doesn't mean you get out of stocks. you have multiple expansion as the early part when you see these two year treasury moves. i don't see a reason to get out of the market. i am constantly worrying about everything. earnings from outside the u.s. -- charles: here is the thing i want to ask. if the economy is getting so much better, the punch bowl was pulled away sooner rather than later. how does that upset the applecart? >> you and i disagree with everybody out there. i don't think the fed accommodation is doing anything.
we talked about that and i think the stock market is going because of earnings and earnings forecasts and nothing to do with printing of money. we take the credit away from c f os to are doing a great job and things are going pretty good in corporate america and that is why stocks are going higher. right now safely invested the way you are but start pulling back a little bit because you never know what is going to happen in asia or europe. that is my concern, the euro, the european community. charles: there is one individual stock you think has benefited from a fair amount of height and that is gold throw. we know you are now fan and stock--out of the gate. it took a hit down $7 yesterday down a little bit more. if people are not -- a lot of individuals are, what is the advice? >> i will make it simple. sell your stock right now. at stock is living on a dream. barriers to entry are almost nothing, they are slowing down,
earnings acceleration has decelerated. that is a stock i really believe will be 30, 40, 50% lower in the next couple months than it is right now. i did get out of that in a minute. charles: the same reason i guess you did i told my subscribers not to buy it. for the same reasons, made a fugitive and i applaud the company and the ceo and the story of the company but you are probably right people need to be cautious. have a good fourth of july. >> you too. charles: before you go, are you still there? >> yes i am. charles: before i let you go, the president took on wall street in a radio address. the politics of envy thing. does that impact the economy? do you get to the point you make people feel so ron about themselves and the whole system they just kind of huddle at home? does it impact the economy at all? >> not at all. i think very few people are listening to anything the
president says -- world economies are so big the rhetoric will not impact when people go out and buy and sell. charles: breaking news, the president giving partisan remarks on the economy that this was the fastest growth for jobs since 1999 but people are still struggling continuing to push for a higher minimum wage and the infrastructure and he called it economic patriotism. what do you make of that? may be corporations stepping up to the plate and pumping money into infrastructure projects. >> let's make it real simple. we need a big number in terms of jobs growth and full time jobs in order to get enough tax revenue into the economy. i am happy to see 288 and it will be revised a bill we are nowhere close to where we need to be. charles: what do you think of the notion that you guys are sitting on $2 trillion overseas
doing nothing, bring some of that money back as shared wealth? >> cut the taxes and i guarantee a lot of money will come back. he does his job corporate america will do their job and corporate america is not going to do it because they are judged based on earnings and judged on a different metric. president cut the taxes, money will come back. charles: nothing unpatriotic about making money and making profits in my book. thanks a lot, thanks for everything. we appreciate it. president obama -- president bush getting most of the blame for iraq but president obama is not too far behind. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology.
charles: time for your fox business brief, jobs report out this morning, 288,000 jobs were added this month, the unemployment rate dropped 6.3% from 6.1%, the lowest rate since september of 2008. job participation rate well below a 30 year low. we have another report. corporate layoffs fell in june according to the outplacement firm challenger gray and christmas announcing they plan to lay off 3,400 people last month, the lowest one month total so far this year. 41% for may and down 20% from a
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ruling going against former constitutional law lecture and a major setback for obamacare, fox news the jewish initial analyst judge andrew napolitano. on why the president's administration seems to be on the wrong side of the law. join us tonight at 7:00 p.m. eastern. charles: warren sapp getting heat for stiffing a waitress on a tip. here's the receipt. got to look at this, posted on social media by espn, as you can see the way chris wrote boys don't fit. he has come out since and tweeted he didn't to because the food and service was bad. tracy: he wrote boys don't it because she came to the table and said what can i get you nt got in sultan and got his man power up and said you should be calling us men. the service wasn't all that so he wrote boys don't tip and
stiff term. charles: i would be the nicest guy in the world, job hanging by a thread, a job to interact with the public, doesn't have a great track record, a fun guy, one of these laughable guys, loved him as a football player but i would be leaving -- spillage drink on me and the food would be terrible. tracy: would it be better she settled man, what can i get you? this is what they do. a group of women at the table, girls, what can i get you? he took offense and wrote it on the tap and stiff her and i don't know. charles: i have been watching it this week too. let's get to the exchange, nicole petallides, pure green mountain, can't stop that thing up again. >> i would leave the to the too. that is pretty tough. let's talk about green mountain up 1.8% but don't let this full you. this is a stellar performance, we had record on the s&p and the
dow nasdaq, we are looking at the top performers of 2014. it is of 67% this year. august research but $140 price target, 126, they continue to think there is upside potential, earnings potential, demand for the cake of continues to grow and solid revenue so we talked about another dealer making nestle so green mountain coffee roasters doesn't quit and is a leader this year. charles: the smartest guys on wall street getting crushed short on that one. thanks a lot. we have two polls on the president making headlines this week. the first, 33% say president obama is the worst president since world war ii and only 37% approve of the administration policies in iraq. the president -- the co-chair of the jeb bush for governor. i thought it would be jeb bush for president. >> you are aging meal little bit
that had the fourth of july to you. you are somewhat of an outspoken critic of president obama. maybe these poll numbers don't surprise you but they surprise a lot of people. >> we are in july for so let's talk about what the founders said. james madison said in the federalist papers the accumulation of all power legislative, executive and judiciary in the hands of one is the definition of tyranny and what we have is a president who is unwilling to truly engage in political discourse and political debate. no one is going to confuse president obama with ronald reagan. going out and selling and bringing to the people and making his case with my people or the great persuader, the persuader in chief, bill clinton, somebody who went to the people and laid out his case for whatever policy decisions -- charles: when they took their,
quote, shellacking he shifted gears and listened to the public. when president obama takes his shellacking he doubled class or triples down on the same ideology. >> what do we get when bill clinton listened to the people and got some feedback that said president clinton, you are wrong on that, you need to shift position, we got better policy. in this case the isolated president with a group of people saying yes, mr. president, you are right. no one is challenging him. he is not willing to go out and and no challenge, what happens? we get bad policy but more important, this is an administration that used the irs to squash conservative groups. is the irs being held accountable? no. i would go further. charles: a whole bunch of e-mails mysteriously went vanishing into your point the same media that never holds the president accountable don't find that peculiar either.
>> in my law firm where represent a handful of business client endeavour now and then they have a tax issue or two. if all i had to tell him is going at and have your computer crash and destroy those records that is simple advice. charles: we will show up but we have nothing to bring you. tracy: what happens? will we see them officially voted out? that is all we're talking about and no one steps of to the plate to do that. >> this hopefully, we're starting to see in the polling numbers, people are starting to get wise to this. is one thing to agree disagree with whatever direction president obama wants to push but it is another not to have him go out and try to include the public, include congress, include the legislative branch in a respectful way. they have a place in this argument. tracy: who is the next president? >> we have to see. you have hillary clinton out there on her book tour. it didn't go very well.
charles: pillaring won't be the nominee. he has erected and i have a theory, i think it is hard for anybody -- anybody worth 1 did million dollars is not going to make it on either side quite frankly. is going to be the great communicator, someone has to articulate to people, one thing to say president obama's policies fail but for someone else from the gop to say i got the right idea for everyone to fly into. the benches deep. charles: is deep but fractured. on one side somewhat left jeb bush to you might be someone that you like, someone on the gop would say he is the not really a republican. the republicans are shooting themselves in the foot more so than anything else. >> let's let the debate began on who should be our nominee on the republican side. if the democrats are going to hand it to hillary clinton, fine. let's do that. joe biden and the democrats had different ideas on that. we will see but we think this
will be a bad idea. americans need to understand and need to be engaged. this president who doesn't want to engage at all, let's make sure we stay engaged with the political debate. there are a lot of great ideas out there that solve the issues that are important to everyone. my clients and your viewers. as an example idea around what happens with taxes and we talk about jobs, the jobs report came out the we have the lowest participation rate in the 3-year history. how do we get people to work? president obama, executive decision, make an executive order and move the keystone pipeline through. charles: we know that won't happen. we get back to ideology and compromise for the president means my way or no way. >> the important part is a couple weeks, a couple weeks snapshot. we had the president essentials the be told by the supreme
court, and we are talking about 90 which is far different from getting a court decision. charles: got to let you go. it has been echoed but you do worry about the ability of the republicans to sell their message when it is being handed to them. they are rejecting the president now. >> we have got to be smart. before up next we have your take and also highlights from today's show.
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down. the lowest and 2007. >> there is "the closing bell." that is helping the financials. maybe we will do even better. look at this, liz. we are so close. >> triple digits. low volatility indexes. 17,000 in the rearview mirror. take a look and see how the numbers are playing. we do have green off of the screen. after the bell starts right now. ♪ >> just so you know, the dow is now at 95.3. very close to triple digits. we are going nowhere. way above by about 66